Comment by Andrey Solovyev, Global Head of DCM at VTB Capital, for Bloomberg

Deal completed on Feb. 20, 12-month ECP at 6.25%, according to terms provided by VTB Capital, one of deal’s organizers.

Deal was VTB Capital’s 1st such transaction in Azerbaijan, having previously organized local RUB bonds for Azerbaijan borrowers: Andrey Solovyev, global head of DCM at VTB Capital in Moscow, said by phone.

Financial institutions “usually” use ECPs for short-term investments.

Roadshows for deal were in London, Switzerland.

Dealers: Citi, RBI, UBS (B&D), VTBC; for VTB Capital, “important” to have worked on this deal w/ foreign lenders.

VTB Capital in talks with other Azerbaijan borrowers; for foreign investors, Azerbaijan is diversification from Russia as they seek alternative investments.